PRESS DIGEST-China – June 2

BEIJING/SHANGHAI, June 2 (Reuters) – Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday . Reuters has not checked the stories and does not vouch for their accuracy.

 

CHINA SECURITIES JOURNAL

— Six listed power companies, including Datang International Power Generation Co Ltd , GD Power Development Co , China Yangtz Power Co , have announced plans to raise electricity prices after the government decided to increase prices amid power shortages.

— Real estate transactions in Beijing fell to 8,067 units in May, down 13.4 percent from April and hitting a 28-month low.

 

SHANGHAI DAILY

— Imports from Taiwan of beverages that may be contaminated with DEHP, an additive linked to cancer, have been banned by Chinese authorities. Shanghau supermarkets said they have been removing products suspected of contamination since Tuesday.

 

SHANGHAI SECURITIES NEWS

— New home sales in Shanghai climbed at a slower pace in May while average prices stayed basically flat from April, industry research showed.

 

CHINA SECURITIES JOURNAL

— Wu Xiaoling, a deputy head of the parliament’s finance committee, denied a report that authorities are going to shift 2-3 trillion yuan ($308-463 billion) off the balance sheets of local governments, but said authorities are investigating local government financing vehicles to assess their financial conditions.

 

FINANCIAL NEWS

— The State Council, the country’s cabinet, has agreed to launch a trial programme from July 1 to test its eventual goal of giving every resident a pension after 60.

 

CHINA DAILY (www.chinadaily.com.cn)

— The Shanghai Cooperation Organization will start negotiations with Pakistan, India and Iran for their full membership, SCO Secretary-General Muratbek Sansyzbayevich Imanaliev said in Beijing.

PEOPLE’S DAILY

— The recent drought in some areas along the middle and lower reaches of the Yangtze River is not likely to push up domestic grain prices by a big margin due to ample state reserves and so far only early-season rice has been hurt, while winter wheat, which accounts for a large volume of the country’s grain output, has not been significantly affected.

— Forecasters said China’s drought-hit areas along the middle and lower reaches of the Yangtze River would receive 20-50 mm of rainfall from 3-7 June.